The state-run agency for environment-related technology has moved to increase investment in eco-friendly industries by teaming up with a group of quasi-financial firms that mostly invest in venture start-ups.
The Korea Environmental Industry & Technology Institute will sign a business alliance with the Korean Venture Capital Association on Tuesday on finding new growth avenues by drawing more financial investors for venture start-ups with green technologies.
The two parties are scheduled to hold a series of investor relations sessions and conferences in an attempt to link the eco-related venture firms and capital firms with funding power.
Though the venture capital firms poured about 2 trillion won ($1.9 billion) into the venture start-ups in 2013, their investment in the eco-friendly segment accounted for only 0.5 percent of the total.
KEITI researchers say that the agency ― as a public institute affiliated with the Ministry of Environment ― has set the paradigm “Green Economy plus Creative Economy equals Creative Green.”
One of KEITI’s missions is to support eco-design in industry, called the Eco-design Project.
“The focus of the project is on innovation, rather than simple improvement or simple eco-friendly in the day-to-day environmental performance of existing products,” said a researcher.
He said that innovation involved using differentiated technology and business models, which can transform consumers’ lifestyles in an eco-friendly direction.
Most innovative firms are small in terms of capital and workforce and lack financial and marketing resources to fulfill their potential.
One of the key tasks of KEITI is to support the small- and mid-sized enterprises that have outstanding technologies but lack the resources to commercialize them.
